Cisco (CSCO) Q1 FY2027

Q1 revenue rose 24% to $18.5B, and Cisco raised its FY2027 outlook to $74.8B–$75.8B.

Cisco · Q1 FY2027 · Published Nov 13, 2026 · By DeepCell AI · Sources

Cisco (CSCO) Q1 FY2027

Quarter ended October 24, 2026

For information only, not investment advice. No rating or price target.

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1 · Cisco (CSCO) Q1 FY2027 earnings review

Q1 revenue rose 24% to $18.5B, and Cisco raised its FY2027 outlook to $74.8B–$75.8B

  1. 1.Revenue beat the $18.09B Zacks consensus by 2.4%, and non-GAAP EPS of $1.40 beat $1.33
  2. 2.The FY2027 non-GAAP EPS outlook rose to $5.47–$5.53 from $5.05–$5.11
  3. 3.Cisco now expects $9.0B of AI infrastructure revenue from hyperscalers in FY2027, up from $7.5B
  4. 4.Networking product revenue rose 43%, as stated, to $11.1B
  5. 5.Shares were down 3.1% pre-market at $98.87 as of 8:36 AM EST, not a close

Note: The consensus gaps and the pre-market change are DeepCell calculations. Growth rates marked as stated are the company’s rounded figures. Pre-market trading is not a close.Source: Cisco official Q1 FY2027 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Zacks via The Globe and Mail, Nov 10, 2026; CNBC, Nov 13, 2026 8:36 AM EST

2

2 · Executive summary

Q1 revenue of $18.52B and non-GAAP EPS of $1.40 beat the Zacks consensus

Q1 FY2027 results vs. Zacks consensus (The Globe and Mail, Nov 10, 2026)

MetricActualConsensusVarianceResult
Q1 total revenue$18,517M$18,090M+$427M / +2.4%Beat
Q1 non-GAAP EPS ($)$1.40$1.33+$0.07 / +5.3%Beat

Share price, Nov 12 regular close to Nov 13 pre-market last

Cisco Systems, Inc. (Nasdaq)Nov 12 closePre-market, 8:36 AM ESTChange ($)Change (%)
CSCO$102.01$98.87-$3.14-3.1%

Note: Both prices are from CNBC; the pre-market figure is the last trade at 8:36 AM EST, not a close, and the change is a DeepCell calculation. LSEG via CNBC also showed $1.33 for EPS and $18.1B for revenue.Source: Cisco official Q1 FY2027 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Zacks via The Globe and Mail, Nov 10, 2026; CNBC, Nov 13, 2026 8:36 AM EST

3

3 · Q1 results vs. consensus

Cisco raised its FY2027 revenue outlook to $74.8B–$75.8B from $72.2B–$73.4B

FY2027 outlook vs. prior outlook, as stated in the Nov 12 and Aug 12, 2026 releases

MetricPrior outlookNew outlookStatus
FY2027 revenue$72.2B–$73.4B$74.8B–$75.8BRaised
FY2027 non-GAAP EPS$5.05–$5.11$5.47–$5.53Raised
FY2027 GAAP EPS$4.00–$4.06$4.38–$4.44Raised
AI revenue from hyperscalers$7.5B$9.0BRaised

Q2 FY2027 guidance vs. LSEG consensus (via CNBC)

MetricGuidanceLSEG consensusStatus
Q2 revenue$18.0B–$18.2B$17.88BAbove
Q2 non-GAAP EPS$1.34–$1.36$1.23Above

Note: Status compares the whole new range with the prior range or the consensus figure. The Q2 revenue midpoint of $18.1B is 2.3% below Q1 revenue, a DeepCell calculation.Source: Cisco official Q1 FY2027 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Q4 FY2026 results release (Form 8-K, Aug 12, 2026); LSEG via CNBC, Nov 12, 2026

4

4 · FY2027 outlook vs. prior

Operating income rose 66%, as stated, to $5.6B, while revenue rose 24%

  1. Revenue grewTotal revenue rose to $18,517M from $14,883M. Product revenue rose 32%, as stated.
  2. Operating expenses fellTotal operating expenses fell to $6,190M from $6,382M. Restructuring charges fell to $28M.
  3. EPS grewDiluted EPS rose to $1.14 from $0.72. Non-GAAP EPS rose to $1.40 from $1.00.

Key figures

$M unless notedQ1 FY2026Q1 FY2027YoY
Total revenue$14,883M$18,517M24.4%
Operating income$3,363M$5,598M66.5%
Net income$2,860M$4,552M59.2%
Non-GAAP net income$4,011M$5,567M38.8%
Diluted EPS ($)$0.72$1.1458.3%
Non-GAAP EPS ($)$1.00$1.4040.0%

Note: The YoY column is a DeepCell calculation from the statements. The company states revenue up 24%, operating income up 66%, GAAP EPS up 58% and non-GAAP EPS up 40%.Source: Cisco official Q1 FY2027 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

5

5 · Q1 key financials

Total revenue rose to $18.5B from $14.9B, led by product revenue

Total revenue

$B, Q1 FY2026 vs Q1 FY2027

v · Q1 FY2026: $14.9Bv · Q1 FY2027: $18.5BQ1 FY2026Q1 FY2027$0.0B$5.0B$10.0B$15.0B$20.0B$14.9B$18.5B
Product revenue rose to $14,667M. Services revenue was $3,850M, up 1%, as stated.“We are in the very early stages of a multi-year networking supercycle.” Chuck Robbins, chair and CEO

Note: The company says demand grew at a double-digit rate across all geographies and customer markets.Source: Cisco official Q1 FY2027 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

6

6 · Revenue growth

Networking revenue rose 43% to $11.1B, and it made up 60.1% of revenue

  1. Networking ledNetworking revenue was $11,132M. Security revenue rose 7% to $2,120M.
  2. Other products grew slowlyCollaboration revenue was $1,136M. Observability revenue was $279M.
  3. All regions grewAmericas revenue rose 28%. EMEA rose 18%, and APJC rose 21%.

Revenue by product group, Q1 FY2027

$MQ1 FY2027YoY, as stated
Networking$11,132M43%
Security$2,120M7%
Collaboration$1,136M8%
Observability$279M2%
Services$3,850M1%
Total revenue$18,517M24%

Note: APJC is Asia Pacific, Japan and China; EMEA is Europe, Middle East and Africa. The release gives Q1 FY2027 amounts and rounded YoY rates by product group, not prior-year amounts. The networking share of revenue is a DeepCell calculation.Source: Cisco official Q1 FY2027 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

7

7 · Revenue by product group

GAAP gross margin fell to 63.7% from 65.5%, while non-GAAP operating margin reached 37.8%

GAAP gross margin

Q1 FY2026 vs Q1 FY2027

Gross margin · Q1 FY2026: 65.5%Gross margin · Q1 FY2027: 63.7%Q1 FY2026Q1 FY20270%25%50%80%65.5%63.7%
Non-GAAP gross margin fell to 65.6% from 68.1%. Non-GAAP operating expenses were $5,140M.

Note: Gross margin is gross margin dollars divided by revenue. Margins marked as stated are the company’s figures; the chart uses DeepCell calculations from the statements. The release does not give a reason for the lower gross margin.Source: Cisco official Q1 FY2027 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

8

8 · Margin analysis

Cisco raised its FY2027 AI infrastructure revenue expectation from hyperscalers to $9.0B from $7.5B

AI infrastructure revenue from hyperscalers

$B, FY2026 actual and FY2027 expectations

v · FY2026, approx.: $4.0Bv · FY2027, Aug view: $7.5Bv · FY2027, Nov view: $9.0BFY2026, approx.FY2027, Aug viewFY2027, Nov view$0.0B$2.5B$5.0B$7.5B$10.0B$4.0B$7.5B$9.0B
The Q1 release does not give AI orders or total product orders. In August, Cisco reported $4.0B of AI orders in Q4 FY2026 and $9.3B for FY2026.

Note: The FY2026 figure is approximately $4 billion, as stated in the Aug 12 release. The Nov 12 release calls the $9 billion expectation more than double the FY2026 total.Source: Cisco official Q1 FY2027 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Q4 FY2026 results release (Form 8-K, Aug 12, 2026); analysis of company data

9

9 · AI infrastructure

Operating cash flow rose 36% to $4.4B, and Cisco returned $3.7B to shareholders

  1. Cash flow grewOperating cash flow was $4,357M, against $3,212M. Purchases of PP&E were $502M.
  2. Capital returnsBuybacks were $1,997M and dividends were $1,654M. The quarterly dividend is $0.42 a share.
  3. Contract base grewRPO was $46,169M, up 8%, as stated. Deferred revenue was $30,058M.

Cash flow and balance sheet

$MPriorCurrent
Operating cash flow, Q1$3,212M$4,357M
Free cash flow, Q1$2,889M$3,855M
Buybacks and dividends, Q1$3,609M$3,651M
Cash and investments (Jul 25 / Oct 24, 2026)$15,918M$15,845M
Total debt (Jul 25 / Oct 24, 2026)$29,533M$29,799M

Note: RPO is remaining performance obligations. Free cash flow is operating cash flow less purchases of property and equipment, a DeepCell calculation. Total debt is short-term plus long-term debt. Buybacks are cash paid under the program.Source: Cisco official Q1 FY2027 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

10

10 · Cash flow and capital returns

Gross margin, hyperscaler demand and the Q2 revenue step-down are the main watch items

Indicator
What to watch
Implication
Latest reading
Gross margin
GAAP gross margin fell in Q1
Q2 non-GAAP guide is 65%–66%
Q1 GAAP 63.7%
AI revenue from hyperscalers
The FY2027 view depends on a few large buyers
The release flags concentrated purchases
Expected $9.0B
Q2 revenue
The Q2 guide is below Q1 revenue
Midpoint is a DeepCell calculation
Midpoint $18.1B

Source: Cisco official Q1 FY2027 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

11

11 · Key risks to the outlook

12 · Appendix: Q1 vs guidance

13 · Appendix: Non-GAAP items

14 · Appendix: Balance sheet

Appendix: income statement detail

Revenue

$M unless notedQ1 FY2026Q1 FY2027YoY
Product revenue$11,077M$14,667M32.4%
Services revenue$3,806M$3,850M1.2%
Total revenue$14,883M$18,517M24.4%

Earnings

$M unless notedQ1 FY2026Q1 FY2027YoY
Total operating expenses$6,382M$6,190M(3.0%)
Operating income$3,363M$5,598M66.5%
Net income$2,860M$4,552M59.2%
Operating cash flow$3,212M$4,357M35.6%

Note: YoY rates in this appendix are DeepCell calculations from the statements.Source: Cisco official Q1 FY2027 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

15

15 · Appendix: Income statement

Appendix: sources

  • Results release, Q1 FY2027 (Form 8-K Exhibit 99.1, Nov 12, 2026) — https://www.sec.gov/Archives/edgar/data/858877/000085887726000170/exhibit991pressrelease-q1f.htm
  • SEC filing index, Form 8-K, accession 0000858877-26-000170 — https://www.sec.gov/Archives/edgar/data/858877/000085887726000170/
  • Prior outlook and AI figures: Q4 FY2026 results release (Form 8-K Exhibit 99.1, Aug 12, 2026) — https://www.sec.gov/Archives/edgar/data/858877/000085887726000106/exhibit991pressrelease-q4f.htm
  • Consensus: Zacks Consensus Estimate, The Globe and Mail, Nov 10, 2026 — https://www.theglobeandmail.com/investing/markets/stocks/CSCO-Q/pressreleases/8768217/should-you-buy-sell-or-hold-cisco-systems-stock-before-q1-earnings/
  • Q2 consensus and cross-check: LSEG via CNBC, Nov 12, 2026 — https://www.cnbc.com/2026/11/12/cisco-csco-q1-2027-earnings.html
  • Share price: CNBC CSCO quote, Nov 12, 2026 regular close $102.01 and pre-market last $98.87 at 8:36 AM EST — https://www.cnbc.com/quotes/CSCO
  • Company figures are in U.S. dollars and millions. Non-GAAP figures follow the company’s reconciliation tables. No Form 10-Q for Q1 FY2027 had been filed when this deck was built.

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16

16 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Cisco Systems, Inc.’s Q1 FY2027 press release, filed as Exhibit 99.1 to a Form 8-K on November 12, 2026. Consensus estimates (Zacks via The Globe and Mail; LSEG via CNBC) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are U.S. GAAP unless labelled non-GAAP, in U.S. dollars, for the three months ended October 24, 2026 and October 25, 2025.

Forward-looking statements. Company outlook, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original release.

Date of analysis. Share prices are the CNBC regular-session close on November 12, 2026, and the pre-market last at 8:36 AM EST on November 13, 2026. The pre-market last is not a close.

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17

17 · Disclosures

Sources

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Cisco (CSCO) Q1 FY2027: Revenue, EPS beat | DeepCell AI